Will be that the banks who underwrote Harrah's LBO, are stuck with the debt. Unless they want to blow it out at a discount. Scary headline 1.
The next headline is that private equity isn't going to participate in the restructuring of the monolines. Did anyone really think that? The banks are on the hook. They'll do it themselves. Scary headline 2.
Problem for the bears is, this isn't new news. Anyone watch LIBOR Friday?
They say that the scariest mask for kids is clowns. Let the market rest or come in a bit, so we can pick up some bargains, from the shorts in the market that these clowns are laying out.
The only ones left buying in this market are the grownups. And they'll take the bears money.